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| Economy |
| Small Businesses Pay 33% of Rising Tort Costs Out-of-Pocket |
| 2010-07-09 |
| A new study from the U.S. Chamber of Commerce shows that small businesses shoulder a sizable burden of the nation's tort liability costs, having paid $105.4 billion in 2008-- a third of it out of their own pockets. I wonder what the number was for small Chinese businesses. According to the report, small businesses bore 81 percent of business tort liability costs but took in only 22 percent of revenue. Noting that small businesses have created 64 percent of all net new jobs in the U.S. over the past 15 years, ILR President Lisa Rickard said the tort system is costing jobs. "As America struggles out of this current economic downturn, this study shows that our lawsuit system continues to be a drag on job-creating small businesses," she said. I'm sure that with this study in hand, Obama's laser-like focus on job creation will now turn to tort reform. |
| Posted by:Matt |
| #2 No, CONSUMERS pay. It's called indirect taxation. |
| Posted by: Besoeker 2010-07-09 20:31 |
| #1 Obama's laser-like focus on job creation will now turn to tort reform Yeah, and make it easier for tort lawyers to sue small businesses. |
| Posted by: DMFD 2010-07-09 20:23 |